Louisiana Market Rate GNMA Program: Affordable Homeownership Solutions
To assist residents in realizing their dream of homeownership, the Louisiana Housing Corporation proudly offers the Market Rate GNMA Program. This initiative is designed to help eligible individuals overcome the financial barriers associated with purchasing a home.
Accessing Valuable Assistance Through the Market Rate GNMA Program, prospective homebuyers gain access to a 30-year, fixed-rate FHA, VA, or USDA Rural Development loan. Additionally, the program provides crucial assistance in the form of funds, allowing homebuyers to receive up to 4 percent of the total purchase price. These funds can be strategically utilized to cover essential expenses, such as the down payment, closing costs, and prepaid items. What’s more, this program stands out by eliminating origination and discount fees, making homeownership even more affordable.
Who Qualifies for Assistance The Market Rate GNMA Program is open to a broader range of applicants compared to many other programs. It is not limited to first-time homebuyers, making it accessible to a wider audience. However, there are certain eligibility criteria that applicants must meet. One key requirement is that applicants must fall within the income limit set by the program, which is 115 percent of the area median income. Additionally, a minimum credit score of 640 is necessary for eligibility.
Selecting a Lender To ensure that applicants receive the best possible assistance, the Market Rate GNMA Program collaborates with a network of reputable lenders. Choosing the right lender is a crucial step in the homebuying process, and the program provides guidance to help applicants make informed decisions. Here’s a simplified process:
- Select the Lender: Applicants have the flexibility to choose a lender from the program’s partner institutions.
- Confirm Pre-Qualification: After selecting a lender, applicants should confirm their pre-qualification status.
- Schedule an Appointment: It’s essential to schedule an appointment with the chosen lender for a thorough pre-qualification process. During this meeting, applicants can complete the loan application, authorize a credit report check, and receive assistance in selecting the most suitable loan product, whether it’s FHA, VA, or Rural Development.
The overarching goal of the Market Rate GNMA Program is to provide essential financial resources to eligible applicants who aspire to become homeowners. These resources address the upfront costs that often act as a barrier to homeownership, including the down payment, closing costs, and prepaid items. By alleviating these financial burdens, the program empowers individuals to break free from the cycle of renting and embark on the journey of homeownership.
